There are variations between the policy language and benefits between the many companies that offer Long-Term Care Insurance, however, the primary features and benefit choices are comparable from company to company. Differences do exist between the primary companies. When comparing long-term care insurance, you should recognize the differences between Transamerica and their TransCare III product with the products available with other major companies.
Transamerica has several features and benefits consumers and long-term care specialists alike look for in a long-term care insurance policy. Some of the highlights include several inflation options and elimination periods. They also offer a return of premium option which provides the return of all premiums paid if you pass-away prior to age 67.
Transamerica Long-Term Care Benefit Features Include:
- Daily Benefits from $50 to $500 a day
- Five Inflation Options Available
- Elimination Periods from 0 to 365 days
- Monthly Home Care Benefit
- Zero Day Elimination Period for Homecare
- Spouse/Partner Shared Care Benefit
- Cash Alternative
- Restoration of Benefits
- Return of Premium with Death Prior to Age 67
- Return of Premium at Death - Minus Claims Available
- Joint Waiver of Premium
- Three Year Rate Guarantee
Transamerica is certified as a partnership policy in most states. Find your state on the LTC NEWS MAP. You can get the current cost of long-term care services, the availability of partnership plans and tax incentives by Cost of Care | Find Your State.
There are significant premium differences between the many companies which offer Long-Term Care Insurance for the exact same benefits. Premiums are based on a number of factors including:
- Benefit Amounts
- Age at Application
- Tobacco Use
- Available Discount
Every company has their own underwriting rules which determine insurability and rate class. An experienced Long-Term Care Insurance specialist will understand these underwriting rules when helping you select the best company and policy options.
You can find a qualified specialist who represents the major insurance companies which offer these products by visiting LTC News Support.
Since your health is a primary consideration in determining your eligibility for coverage it is always best to start planning prior to retirement when health is usually better. A Long-Term Care Specialist will ask you a number of questions about your health in order to make the appropriate recommendation.
Please note: Since every company has different underwriting rules you could be eligible with one company and not another.
Because Long-Term Care Insurance is custom designed you can design the plan to fit your specific needs, concerns and budget. A specialist will help you design your plan to address your concerns. Generally, you can design almost any plan, to:
- Safeguard income and savings
- Protect the lifestyle of your spouse/partner
- Provide options for quality care
- Reduce the stress and burdens otherwise placed on family members
- Give your adult children time to be family
- Provide a legacy for loved ones
State variations may apply.